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Published: 2023-04-27 00:00:00 ET

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EX-99.2 3 exhibit9921q23.htm EX-99.2 Document

Cincinnati Financial Corporation

Supplemental Financial Data

for the period ending March 31, 2023

6200 South Gilmore Road

Fairfield, Ohio 45014-5141

cinfin.com


Investor Contact:	Media Contact:	Shareholder Contact:
Dennis E. McDaniel	Betsy E. Ertel	Brandon McIntosh
513-870-2768	513-603-5323	513-870-2696

A.M. Best Company

Fitch Ratings

Moody's Investor Service

S&P Global Ratings

Cincinnati Financial Corporation

Corporate Debt

A-

BBB+

The Cincinnati Insurance Companies

Insurer Financial Strength

Property Casualty Group

Standard Market Subsidiaries:

A+

—

A+

The Cincinnati Insurance Company

A+

The Cincinnati Indemnity Company

A+

The Cincinnati Casualty Company

A+

Surplus Lines Subsidiary:

The Cincinnati Specialty Underwriters Insurance Company

A+

—

The Cincinnati Life Insurance Company

A+

—

A+

Ratings are as of April 26, 2023, under continuous review and subject to change and/or affirmation. For the current ratings, select Financial Strength on cinfin.com.

The consolidated financial statements and financial exhibits that follow are unaudited. These consolidated financial statements and exhibits should be read in conjunction with the consolidated financial statements and notes included with our periodic filings with the U.S. Securities and Exchange Commission. The results of operations for interim periods may not be indicative of results to be expected for the full year.

CINF First-Quarter 2023 Supplemental Financial Data


	Cincinnati Financial Corporation
	Supplemental Financial Data
	for the period ending March 31, 2023

		Page
	Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures	3

Consolidated

	CFC and Subsidiaries Consolidation – Three Months Ended March 31, 2023	4




Consolidated Property Casualty Insurance Operations
	Losses Incurred Detail	5
	Loss Ratio Detail	6
	Loss Claim Count Detail	7

	Quarterly Property Casualty Data – Commercial Lines	8
	Quarterly Property Casualty Data – Personal Lines and Excess & Surplus Lines	9
	Loss and Loss Expense Analysis – Three Months Ended March 31, 2023	10


Reconciliation Data
	Quarterly Property Casualty Data – Consolidated	11
	Quarterly Property Casualty Data – Commercial Lines	12
	Quarterly Property Casualty Data – Personal Lines	13
	Quarterly Property Casualty Data – Excess & Surplus Lines	14

Statutory Statements of Income
	Consolidated Cincinnati Insurance Companies Statutory Statements of Income	15
	The Cincinnati Life Insurance Company Statutory Statements of Income	16

Other
	Quarterly Data – Other	17

CINF First-Quarter 2023 Supplemental Financial Data

Definitions of Non-GAAP Information and

Reconciliation to Comparable GAAP Measures

Cincinnati Financial Corporation prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules for insurance company regulation in the United States of America as defined by the National Association of Insurance Commissioners’ (NAIC) Accounting Practices and Procedures Manual, and therefore is not reconciled to GAAP data.

Management uses certain non-GAAP financial measures to evaluate its primary business areas – property casualty insurance, life insurance and investments. Management uses these measures when analyzing both GAAP and non-GAAP results to improve its understanding of trends in the underlying business and to help avoid incorrect or misleading assumptions and conclusions about the success or failure of company strategies. Management adjustments to GAAP measures generally: apply to non-recurring events that are unrelated to business performance and distort short-term results; involve values that fluctuate based on events outside of management’s control; supplement reporting segment disclosures with disclosures for a subsidiary company or for a combination of subsidiaries or reporting segments; or relate to accounting refinements that affect comparability between periods, creating a need to analyze data on the same basis.

•Non-GAAP operating income: Non-GAAP operating income is calculated by excluding investment gains and losses (defined as investment gains and losses after applicable federal and state income taxes) and other significant non-recurring items from net income. Management evaluates non-GAAP operating income to measure the success of pricing, rate and underwriting strategies. While investment gains (or losses) are integral to the company’s insurance operations over the long term, the determination to realize investment gains or losses on fixed-maturity securities sold in any period may be subject to management’s discretion and is independent of the insurance underwriting process. Also, under applicable GAAP accounting requirements, gains and losses are recognized from certain changes in market values of securities without actual realization. Management believes that the level of investment gains or losses for any particular period, while it may be material, may not fully indicate the performance of ongoing underlying business operations in that period.

For these reasons, many investors and shareholders consider non-GAAP operating income to be one of the more meaningful measures for evaluating insurance company performance. Equity analysts who report on the insurance industry and the company generally focus on this metric in their analyses. The company presents non-GAAP operating income so that all investors have what management believes to be a useful supplement to GAAP information.

• Consolidated property casualty insurance results: To supplement reporting segment disclosures related to our property casualty insurance operations, we also evaluate results for those operations on a basis that includes results for our property casualty insurance and brokerage services subsidiaries. That is the total of our commercial lines, personal lines and our excess and surplus lines segments plus our reinsurance assumed operations known as Cincinnati Re and our London-based global specialty underwriter known as Cincinnati Global.

•Life insurance subsidiary results: To supplement life insurance reporting segment disclosures related to our life insurance operation, we also evaluate results for that operation on a basis that includes life insurance subsidiary investment income, or investment income plus investment gains and losses, that are also included in our investments reporting segment. We recognize that assets under management, capital appreciation and investment income are integral to evaluating the success of the life insurance segment because of the long duration of life products.

Other Measures

• Value creation ratio: This is a measure of shareholder value creation that management believes captures the contribution of the company’s insurance operations, the success of its investment strategy and the importance placed on paying cash dividends to shareholders. The value creation ratio measure is made up of two primary components: (1) rate of growth in book value per share plus (2) the ratio of dividends declared per share to beginning book value per share. Management believes this measure is useful, providing a meaningful measure of long-term progress in creating shareholder value. It is intended to be all-inclusive regarding changes in book value per share, and uses originally reported book value per share in cases where book value per share has been adjusted, such as adoption of Accounting Standards Updates with a cumulative effect of a change in accounting.

• Statutory accounting rules: For public reporting, insurance companies prepare financial statements in accordance with GAAP. However, insurers also must calculate certain data according to statutory accounting rules for insurance company regulation in the United States of America as defined in the NAIC’s Accounting Practices and Procedures Manual, which may be, and has been, modified by various state insurance departments and differ from GAAP. Statutory data is publicly available, and various organizations use it to calculate aggregate industry data, study industry trends and compare insurance companies.

• Written premium: Under statutory accounting rules in the U.S., property casualty written premium is the amount recorded for policies issued and recognized on an annualized basis at the effective date of the policy. Management analyzes trends in written premium to assess business efforts. The difference between written and earned premium is unearned premium.

CINF First-Quarter 2023 Supplemental Financial Data


Cincinnati Financial Corporation and Subsidiaries
Consolidated Statements of Income for the Three Months Ended March 31, 2023

(Dollars in millions)	CFC		CONSOL P&C		CLIC		CFC-I		ELIM		Total
Revenues
Premiums earned:
Property casualty	$	—	$	1,919	$	—	$	—	$	—	$	1,919
Life	—		—		96		—		—		96
Premiums ceded	—		(78)		(19)		—		—		(97)
Total earned premium	—		1,841		77		—		—		1,918
Investment income, net of expenses	24		141		45		—		—		210
Investment gains and losses, net	147		(42)		1		—		—		106
Fee revenues	—		2		2		—		—		4
Other revenues	4		1		—		2		(4)		3
Total revenues	$	175	$	1,943	$	125	$	2	$	(4)	$	2,241

Benefits & expenses
Losses & contract holders' benefits	$	—	$	1,375	$	97	$	—	$	—	$	1,472
Reinsurance recoveries	—		(58)		(16)		—		—		(74)
Underwriting, acquisition and insurance expenses	—		536		20		—		—		556
Interest expense	13		—		—		1		—		14
Other operating expenses	8		—		—		1		(4)		5
Total expenses	$	21	$	1,853	$	101	$	2	$	(4)	$	1,973

Income before income taxes	$	154	$	90	$	24	$	—	$	—	$	268

Provision (benefit) for income taxes
Current operating income	$	(31)	$	19	$	6	$	—	$	—	$	(6)
Capital gains/losses	31		(9)		—		—		—		22
Deferred	30		(2)		(1)		—		—		27
Total provision for income taxes	$	30	$	8	$	5	$	—	$	—	$	43

Net income - current year	$	124	$	82	$	19	$	—	$	—	$	225

Net income (loss) - prior year	$	(224)	$	(60)	$	17	$	1	$	—	$	(266)
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.
CLIC and Total Net income (loss) - prior year have been adjusted due to the adoption of an accounting standards update for long-duration contracts.

CINF First-Quarter 2023 Supplemental Financial Data


Consolidated Property Casualty
Losses Incurred Detail
(Dollars in millions)	Three months ended													Six months ended			Nine months ended			Twelve months ended
	12/31/23	9/30/23	6/30/23	3/31/23		12/31/22		9/30/22		6/30/22		3/31/22		6/30/23	6/30/22		9/30/23	9/30/22		12/31/23	12/31/22
Consolidated
Current accident year losses greater than $5 million				$	36	$	44	$	38	$	38	$	23		$	61		$	99		$	143
Current accident year losses $2 million - $5 million				15		19		41		36		39			75			116			135
Large loss prior accident year reserve development				9		(17)		16		22		9			31			47			30
Total large losses incurred				$	60	$	46	$	95	$	96	$	71		$	167		$	262		$	308
Losses incurred but not reported				179		136		131		74		36			110			241			377
Other losses excluding catastrophe losses				641		681		700		705		651			1,356			2,056			2,737
Catastrophe losses				227		134		246		208		24			232			478			612
Total losses incurred				$	1,107	$	997	$	1,172	$	1,083	$	782		$	1,865		$	3,037		$	4,034
Commercial Lines
Current accident year losses greater than $5 million				$	30	$	34	$	30	$	15	$	16		$	31		$	61		$	95
Current accident year losses $2 million - $5 million				12		8		29		29		37			66			95			103
Large loss prior accident year reserve development				3		(17)		14		22		7			29			43			26
Total large losses incurred				$	45	$	25	$	73	$	66	$	60		$	126		$	199		$	224
Losses incurred but not reported				125		108		97		61		38			99			196			304
Other losses excluding catastrophe losses				335		386		386		401		362			763			1,149			1,535
Catastrophe losses				106		96		44		124		11			135			179			275
Total losses incurred				$	611	$	615	$	600	$	652	$	471		$	1,123		$	1,723		$	2,338
Personal Lines
Current accident year losses greater than $5 million				$	6	$	10	$	8	$	23	$	7		$	30		$	38		$	48
Current accident year losses $2 million - $5 million				3		11		12		5		2			7			19			30
Large loss prior accident year reserve development				6		—		2		—		2			2			4			4
Total large losses incurred				$	15	$	21	$	22	$	28	$	11		$	39		$	61		$	82
Losses incurred but not reported				27		(2)		9		12		(14)			(2)			7			5
Other losses excluding catastrophe losses				187		190		185		187		176			363			548			738
Catastrophe losses				113		36		66		78		6			84			150			186
Total losses incurred				$	342	$	245	$	282	$	305	$	179		$	484		$	766		$	1,011
Excess & Surplus Lines
Current accident year losses greater than $5 million				$	—	$	—	$	—	$	—	$	—		$	—		$	—		$	—
Current accident year losses $2 million - $5 million				—		—		—		2		—			2			2			2
Large loss prior accident year reserve development				—		—		—		—		—			—			—			—
Total large losses incurred				$	—	$	—	$	—	$	2	$	—		$	2		$	2		$	2
Losses incurred but not reported				27		30		25		1		12			13			38			68
Other losses excluding catastrophe losses				28		31		40		46		36			82			122			153
Catastrophe losses				1		2		(1)		2		1			3			2			4
Total losses incurred				$	56	$	63	$	64	$	51	$	49		$	100		$	164		$	227
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. The sum of quarterly amounts may not equal the full year as each is computed independently.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF First-Quarter 2023 Supplemental Financial Data


Consolidated Property Casualty
Loss Ratio Detail
	Three months ended													Six months ended			Nine months ended			Twelve months ended
	12/31/23	9/30/23	6/30/23	3/31/23		12/31/22		9/30/22		6/30/22		3/31/22		6/30/23	6/30/22		9/30/23	9/30/22		12/31/23	12/31/22
Consolidated
Current accident year losses greater than $5 million				1.9	%	2.4	%	2.1	%	2.2	%	1.4	%		1.8	%		1.9	%		2.1	%
Current accident year losses $2 million - $5 million				0.8		1.1		2.3		2.2		2.4			2.3			2.3			2.0
Large loss prior accident year reserve development				0.5		(0.9)		0.9		1.3		0.6			0.9			0.9			0.4
Total large loss ratio				3.2	%	2.6	%	5.3	%	5.7	%	4.4	%		5.0	%		5.1	%		4.5	%
Losses incurred but not reported				9.7		7.6		7.2		4.4		2.2			3.3			4.7			5.5
Other losses excluding catastrophe losses				34.9		37.8		38.7		41.4		40.2			40.9			40.2			39.5
Catastrophe losses				12.3		7.4		13.6		12.3		1.5			7.0			9.3			8.8
Total loss ratio				60.1	%	55.4	%	64.8	%	63.8	%	48.3	%		56.2	%		59.3	%		58.3	%
Commercial Lines
Current accident year losses greater than $5 million				2.8	%	3.3	%	3.0	%	1.4	%	1.7	%		1.6	%		2.0	%		2.4	%
Current accident year losses $2 million - $5 million				1.1		0.7		2.8		3.0		3.8			3.3			3.3			2.6
Large loss prior accident year reserve development				0.3		(1.6)		1.3		2.2		0.7			1.5			1.4			0.6
Total large loss ratio				4.2	%	2.4	%	7.1	%	6.6	%	6.2	%		6.4	%		6.7	%		5.6	%
Losses incurred but not reported				11.8		10.4		9.4		6.1		4.0			5.1			6.6			7.6
Other losses excluding catastrophe losses				31.9		37.1		37.7		40.4		37.5			39.0			38.4			38.1
Catastrophe losses				10.0		9.3		4.2		12.5		1.2			6.9			6.0			6.8
Total loss ratio				57.9	%	59.2	%	58.4	%	65.6	%	48.9	%		57.4	%		57.7	%		58.1	%
Personal Lines
Current accident year losses greater than $5 million				1.3	%	2.1	%	1.9	%	5.7	%	1.7	%		3.7	%		3.1	%		2.8	%
Current accident year losses $2 million - $5 million				0.6		2.6		2.6		1.3		0.5			0.9			1.5			1.8
Large loss prior accident year reserve development				1.4		—		0.6		—		0.5			0.2			0.3			0.3
Total large loss ratio				3.3	%	4.7	%	5.1	%	7.0	%	2.7	%		4.8	%		4.9	%		4.9	%
Losses incurred but not reported				5.9		(0.3)		2.0		3.1		(3.6)			(0.2)			0.6			0.3
Other losses excluding catastrophe losses				40.2		42.8		43.0		44.8		44.0			44.5			44.0			43.7
Catastrophe losses				24.3		8.1		15.5		18.8		1.4			10.2			12.0			11.0
Total loss ratio				73.7	%	55.3	%	65.6	%	73.7	%	44.5	%		59.3	%		61.5	%		59.9	%
Excess & Surplus Lines
Current accident year losses greater than $5 million				—	%	—	%	—	%	—	%	—	%		—	%		—	%		—	%
Current accident year losses $2 million - $5 million				—		0.1		—		1.6		—			0.8			0.6			0.4
Large loss prior accident year reserve development				(0.3)		—		—		—		—			—			—			—
Total large loss ratio				(0.3)	%	0.1	%	—	%	1.6	%	—	%		0.8	%		0.6	%		0.4	%
Losses incurred but not reported				21.3		24.4		20.0		0.7		10.6			5.4			10.5			14.0
Other losses excluding catastrophe losses				22.2		24.6		32.4		38.1		31.3			34.9			33.9			31.6
Catastrophe losses				1.1		1.3		(0.5)		1.1		1.1			1.1			0.6			0.8
Total loss ratio				44.3	%	50.4	%	51.9	%	41.5	%	43.0	%		42.2	%		45.6	%		46.8	%
*Certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts.
Consolidated property casualty data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF First-Quarter 2023 Supplemental Financial Data


Consolidated Property Casualty
Loss Claim Count Detail
	Three months ended								Six months ended		Nine months ended		Twelve months ended
	12/31/23	9/30/23	6/30/23	3/31/23	12/31/22	9/30/22	6/30/22	3/31/22	6/30/23	6/30/22	9/30/23	9/30/22	12/31/23	12/31/22
Consolidated
Current accident year reported losses greater than $5 million				5	7	6	6	3		9		15		22
Current accident year reported losses $2 million - $5 million				5	13	15	15	15		28		42		51
Prior accident year reported losses on large losses				3	2	6	8	6		14		20		22
Non-Catastrophe reported losses on large losses total				13	22	27	29	24		51		77		95
Commercial Lines
Current accident year reported losses greater than $5 million				4	5	5	2	2		4		9		14
Current accident year reported losses $2 million - $5 million				4	6	12	12	14		24		35		39
Prior accident year reported losses on large losses				2	2	6	8	5		13		19		21
Non-Catastrophe reported losses on large losses total				10	13	23	22	21		41		63		74
Personal Lines
Current accident year reported losses greater than $5 million				1	2	1	4	1		5		6		8
Current accident year reported losses $2 million - $5 million				1	6	3	2	1		3		6		11
Prior accident year reported losses on large losses				1	—	—	—	1		1		1		1
Non-Catastrophe reported losses on large losses total				3	8	4	6	3		9		13		20
Excess & Surplus Lines
Current accident year reported losses greater than $5 million				—	—	—	—	—		—		—		—
Current accident year reported losses $2 million - $5 million				—	1	—	1	—		1		1		1
Prior accident year reported losses on large losses				—	—	—	—	—		—		—		—
Non-Catastrophe reported losses on large losses total				—	1	—	1	—		1		1		1
*The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF First-Quarter 2023 Supplemental Financial Data


Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/23	9/30/23	6/30/23	3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23	6/30/22			9/30/23	9/30/22			12/31/23	12/31/22
Commercial casualty:
Net written premiums				$	404		$	353		$	326		$	376		$	389			$	765			$	1,091			$	1,444
Year over year change %- written premium				4		%	11		%	10		%	11		%	7		%		9		%		9		%		10		%
Earned premiums				$	377		$	370		$	360		$	350		$	336			$	686			$	1,046			$	1,416
Current accident year before catastrophe losses				72.6		%	72.4		%	73.7		%	75.0		%	65.6		%		70.4		%		71.6		%		71.8		%
Current accident year catastrophe losses				—			—			—			—			—				—				—				—
Prior accident years before catastrophe losses				(0.3)			(0.2)			6.4			(0.7)			1.4				0.3				2.4				1.7
Prior accident years catastrophe losses				—			—			—			—			—				—				—				—
Total loss and loss expense ratio				72.3		%	72.2		%	80.1		%	74.3		%	67.0		%		70.7		%		74.0		%		73.5		%
Commercial property:
Net written premiums				$	316		$	297		$	309		$	308		$	297			$	606			$	915			$	1,212
Year over year change %- written premium				6		%	10		%	11		%	12		%	11		%		12		%		12		%		11		%
Earned premiums				$	299		$	290		$	292		$	280		$	274			$	554			$	846			$	1,136
Current accident year before catastrophe losses				49.0		%	42.5		%	47.4		%	54.5		%	52.4		%		53.4		%		51.3		%		49.1		%
Current accident year catastrophe losses				34.7			38.3			14.7			44.4			5.1				24.9				21.4				25.7
Prior accident years before catastrophe losses				(7.8)			(0.5)			(6.7)			0.6			(2.4)				(0.8)				(2.9)				(2.2)
Prior accident years catastrophe losses				2.4			(2.2)			(1.4)			(3.0)			0.5				(1.3)				(1.3)				(1.6)
Total loss and loss expense ratio				78.3		%	78.1		%	54.0		%	96.5		%	55.6		%		76.2		%		68.5		%		71.0		%
Commercial auto:
Net written premiums				$	239		$	201		$	194		$	226		$	237			$	463			$	657			$	858
Year over year change %- written premium				1		%	4		%	6		%	5		%	6		%		5		%		6		%		5		%
Earned premiums				$	213		$	215		$	213		$	210		$	205			$	415			$	627			$	842
Current accident year before catastrophe losses				73.5		%	72.6		%	78.8		%	66.5		%	67.0		%		66.7		%		70.8		%		71.3		%
Current accident year catastrophe losses				0.9			(2.4)			3.3			5.1			0.9				3.1				3.1				1.7
Prior accident years before catastrophe losses				2.7			3.6			7.5			2.8			(0.7)				1.1				3.3				3.3
Prior accident years catastrophe losses				(1.5)			—			—			(0.5)			(2.1)				(1.3)				(0.9)				(0.6)
Total loss and loss expense ratio				75.6		%	73.8		%	89.6		%	73.9		%	65.1		%		69.6		%		76.3		%		75.7		%
Workers' compensation:
Net written premiums				$	82		$	64		$	60		$	69		$	86			$	154			$	214			$	278
Year over year change %- written premium				(5)		%	8		%	13		%	—		%	(2)		%		(2)		%		2		%		3		%
Earned premiums				$	74		$	75		$	73		$	68		$	67			$	136			$	209			$	284
Current accident year before catastrophe losses				83.2		%	76.0		%	80.3		%	83.5		%	84.5		%		84.0		%		82.7		%		80.9		%
Current accident year catastrophe losses				—			—			—			—			—				—				—				—
Prior accident years before catastrophe losses				(19.6)			(27.0)			(21.5)			(25.9)			(14.3)				(20.2)				(20.6)				(22.3)
Prior accident years catastrophe losses				—			—			—			—			—				—				—				—
Total loss and loss expense ratio				63.6		%	49.0		%	58.8		%	57.6		%	70.2		%		63.8		%		62.1		%		58.6		%
Other commercial:
Net written premiums				$	100		$	92		$	95		$	93		$	87			$	180			$	275			$	367
Year over year change %- written premium				15		%	15		%	13		%	18		%	12		%		15		%		14		%		14		%
Earned premiums				$	93		$	90		$	90		$	86		$	80			$	165			$	256			$	346
Current accident year before catastrophe losses				38.1		%	33.3		%	37.7		%	37.3		%	38.2		%		37.7		%		37.7		%		36.6		%
Current accident year catastrophe losses				—			—			0.1			0.1			—				0.1				0.1				0.1
Prior accident years before catastrophe losses				(2.5)			(4.7)			(4.3)			(7.4)			(2.9)				(5.3)				(4.9)				(4.9)
Prior accident years catastrophe losses				(0.1)			—			—			—			—				—				—				—
Total loss and loss expense ratio				35.5		%	28.6		%	33.5		%	30.0		%	35.3		%		32.5		%		32.9		%		31.8		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF First-Quarter 2023 Supplemental Financial Data


Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/23	9/30/23	6/30/23	3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23	6/30/22			9/30/23	9/30/22			12/31/23	12/31/22
Personal auto:
Net written premiums				$	163		$	158		$	179		$	177		$	140			$	316			$	496			$	654
Year over year change %- written premium				16		%	12		%	8		%	7		%	3		%		5		%		6		%		8		%
Earned premiums				$	166		$	161		$	158		$	155		$	152			$	307			$	465			$	626
Current accident year before catastrophe losses				78.8		%	77.4		%	74.3		%	74.5		%	69.4		%		72.0		%		72.8		%		74.0		%
Current accident year catastrophe losses				4.2			(4.6)			15.9			6.1			1.4				3.7				7.9				4.6
Prior accident years before catastrophe losses				0.3			0.7			3.4			1.4			0.9				1.2				1.9				1.6
Prior accident years catastrophe losses				(2.7)			—			(0.1)			(0.6)			(4.7)				(2.7)				(1.8)				(1.3)
Total loss and loss expense ratio				80.6		%	73.5		%	93.5		%	81.4		%	67.0		%		74.2		%		80.8		%		78.9		%
Homeowner:
Net written premiums				$	222		$	226		$	255		$	260		$	181			$	441			$	695			$	921
Year over year change %- written premium				23		%	20		%	19		%	23		%	16		%		20		%		20		%		20		%
Earned premiums				$	232		$	220		$	213		$	202		$	195			$	397			$	609			$	829
Current accident year before catastrophe losses				46.5		%	42.1		%	47.3		%	54.8		%	45.9		%		50.4		%		49.3		%		47.4		%
Current accident year catastrophe losses				56.1			22.4			20.9			38.6			13.0				26.1				24.3				23.8
Prior accident years before catastrophe losses				(2.6)			0.2			1.6			(2.5)			(8.7)				(5.5)				(3.0)				(2.2)
Prior accident years catastrophe losses				(9.1)			(1.5)			(3.8)			(5.2)			(7.2)				(6.2)				(5.4)				(4.3)
Total loss and loss expense ratio				90.9		%	63.2		%	66.0		%	85.7		%	43.0		%		64.8		%		65.2		%		64.7		%
Other personal:
Net written premiums				$	63		$	61		$	68		$	73		$	53			$	127			$	195			$	256
Year over year change %- written premium				19		%	15		%	21		%	18		%	15		%		18		%		19		%		18		%
Earned premiums				$	66		$	62		$	60		$	56		$	55			$	111			$	172			$	234
Current accident year before catastrophe losses				58.9		%	54.1		%	63.8		%	64.6		%	47.2		%		56.0		%		58.7		%		57.5		%
Current accident year catastrophe losses				3.5			(0.1)			10.8			5.2			0.9				3.1				5.8				4.2
Prior accident years before catastrophe losses				(1.2)			(4.4)			(15.7)			1.4			4.6				3.0				(3.5)				(3.8)
Prior accident years catastrophe losses				1.3			(0.1)			0.4			0.4			0.4				0.3				0.4				0.3
Total loss and loss expense ratio				62.5		%	49.5		%	59.3		%	71.6		%	53.1		%		62.4		%		61.4		%		58.2		%

Quarterly Property Casualty Data - Excess & Surplus Lines

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/23	9/30/23	6/30/23	3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23	6/30/22			9/30/23	9/30/22			12/31/23	12/31/22
Excess & Surplus:
Net written premiums				$	136		$	122		$	121		$	135		$	124			$	259			$	380			$	502
Year over year change %- written premium				10		%	13		%	16		%	17		%	25		%		21		%		19		%		18		%
Earned premiums				$	127		$	124		$	125		$	124		$	112			$	236			$	361			$	485
Current accident year before catastrophe losses				69.2		%	66.4		%	74.8		%	59.5		%	61.8		%		60.6		%		65.4		%		65.7		%
Current accident year catastrophe losses				1.5			1.6			(0.4)			1.2			1.5				1.3				0.8				1.0
Prior accident years before catastrophe losses				(6.2)			3.8			(5.9)			(0.4)			(4.6)				(2.4)				(3.6)				(1.7)
Prior accident years catastrophe losses				(0.3)			(0.2)			(0.1)			(0.1)			(0.4)				(0.2)				(0.2)				(0.2)
Total loss and loss expense ratio				64.2		%	71.6		%	68.4		%	60.2		%	58.3		%		59.3		%		62.4		%		64.8		%
*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.

CINF First-Quarter 2023 Supplemental Financial Data



Consolidated Property Casualty Loss and Loss Expense Analysis

(Dollars in millions)							Change in		Change in		Change in		Total						Loss
	Paid		Paid loss		Total		case		IBNR		loss expense		change in		Case		IBNR		expense		Total
	losses		expense		paid		reserves		reserves		reserves		reserves		incurred		incurred		incurred		incurred
Gross loss and loss expense incurred for the three months ended March 31, 2023
Commercial casualty	$	148	$	42	$	190	$	(46)	$	109	$	24	$	87	$	102	$	109	$	66	$	277
Commercial property	214		22		236		126		(66)		(1)		59		340		(66)		21		295
Commercial auto	128		21		149		(19)		24		7		12		109		24		28		161
Workers' compensation	30		8		38		15		(4)		5		16		45		(4)		13		54
Other commercial	23		4		27		1		3		5		9		24		3		9		36
Total commercial lines	543		97		640		77		66		40		183		620		66		137		823

Personal auto	99		22		121		(7)		15		4		12		92		15		26		133
Homeowners	158		16		174		38		10		—		48		196		10		16		222
Other personal	35		2		37		(8)		11		—		3		27		11		2		40
Total personal lines	292		40		332		23		36		4		63		315		36		44		395

Excess & surplus lines	28		12		40		4		26		13		43		32		26		25		83
Other	69		4		73		(16)		17		—		1		53		17		4		74
Total property casualty	$	932	$	153	$	1,085	$	88	$	145	$	57	$	290	$	1,020	$	145	$	210	$	1,375

Ceded loss and loss expense incurred for the three months ended March 31, 2023
Commercial casualty	$	17	$	—	$	17	$	(20)	$	8	$	—	$	(12)	$	(3)	$	8	$	—	$	5
Commercial property	9		—		9		80		(29)		—		51		89		(29)		—		60
Commercial auto	—		—		—		—		—		—		—		—		—		—		—
Workers' compensation	3		—		3		3		—		—		3		6		—		—		6
Other commercial	1		—		1		—		3		—		3		1		3		—		4
Total commercial lines	30		—		30		63		(18)		—		45		93		(18)		—		75

Personal auto	1		—		1		(1)		—		—		(1)		—		—		—		—
Homeowners	3		—		3		18		(11)		—		7		21		(11)		—		10
Other personal	—		—		—		1		(2)		—		(1)		1		(2)		—		(1)
Total personal lines	4		—		4		18		(13)		—		5		22		(13)		—		9

Excess & surplus lines	—		—		—		2		—		—		2		2		—		—		2
Other	5		—		5		—		(33)		—		(33)		5		(33)		—		(28)
Total property casualty	$	39	$	—	$	39	$	83	$	(64)	$	—	$	19	$	122	$	(64)	$	—	$	58

Net loss and loss expense incurred for the three months ended March 31, 2023
Commercial casualty	$	131	$	42	$	173	$	(26)	$	101	$	24	$	99	$	105	$	101	$	66	$	272
Commercial property	205		22		227		46		(37)		(1)		8		251		(37)		21		235
Commercial auto	128		21		149		(19)		24		7		12		109		24		28		161
Workers' compensation	27		8		35		12		(4)		5		13		39		(4)		13		48
Other commercial	22		4		26		1		—		5		6		23		—		9		32
Total commercial lines	513		97		610		14		84		40		138		527		84		137		748

Personal auto	98		22		120		(6)		15		4		13		92		15		26		133
Homeowners	155		16		171		20		21		—		41		175		21		16		212
Other personal	35		2		37		(9)		13		—		4		26		13		2		41
Total personal lines	288		40		328		5		49		4		58		293		49		44		386

Excess & surplus lines	28		12		40		2		26		13		41		30		26		25		81
Other	64		4		68		(16)		50		—		34		48		50		4		102
Total property casualty	$	893	$	153	$	1,046	$	5	$	209	$	57	$	271	$	898	$	209	$	210	$	1,317

*Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
Other data includes results from our Cincinnati Re operations and Cincinnati Global.

CINF First-Quarter 2023 Supplemental Financial Data



Quarterly Property Casualty Data - Consolidated

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/23	9/30/23	6/30/23	3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23	6/30/22			9/30/23	9/30/22			12/31/23	12/31/22
Premiums
Agency renewal written premiums				$	1,535		$	1,396		$	1,390		$	1,482		$	1,397			$	2,879			$	4,269			$	5,665
Agency new business written premiums				251			238			264			286			244				530				794				1,032

Other written premiums				233			60			96			196			258				454				550				610
Net written premiums				$	2,019		$	1,694		$	1,750		$	1,964		$	1,899			$	3,863			$	5,613			$	7,307
Unearned premium change				(178)			106			59			(267)			(281)				(548)				(489)				(383)
Earned premiums				$	1,841		$	1,800		$	1,809		$	1,697		$	1,618			$	3,315			$	5,124			$	6,924
Year over year change %
Agency renewal written premiums				10		%	13		%	12		%	11		%	9		%		10		%		11		%		11		%
Agency new business written premiums				3			12			15			22			11				16				16				15

Other written premiums				(10)			(29)			50			34			31				32				35				24
Net written premiums				6			10			14			15			12				13				14				13
Paid losses and loss expenses
Losses paid				$	893		$	803		$	804		$	755		$	733			$	1,489			$	2,293			$	3,096
Loss expenses paid				153			154			144			137			157				293				437				591
Loss and loss expenses paid				$	1,046		$	957		$	948		$	892		$	890			$	1,782			$	2,730			$	3,687
Incurred losses and loss expenses
Loss and loss expense incurred				$	1,317		$	1,172		$	1,348		$	1,240		$	956			$	2,196			$	3,544			$	4,716
Loss and loss expenses paid as a % of incurred				79.4		%	81.7		%	70.3		%	71.9		%	93.1		%		81.1		%		77.0		%		78.2		%
Statutory combined ratio
Loss ratio				60.5		%	56.3		%	64.1		%	64.8		%	48.4		%		56.7		%		59.3		%		58.5		%
Loss adjustment expense ratio				11.6			9.9			10.0			9.5			10.9				10.2				10.1				10.1
Net underwriting expense ratio				27.5			30.6			29.3			28.1			28.7				28.4				28.7				29.1
US Statutory combined ratio				99.6		%	96.8		%	103.4		%	102.4		%	88.0		%		95.3		%		98.1		%		97.7		%
Contribution from catastrophe losses				12.7			7.6			13.0			13.0			1.7				7.5				9.4				8.9
Statutory combined ratio excl. catastrophe losses				86.9		%	89.2		%	90.4		%	89.4		%	86.3		%		87.8		%		88.7		%		88.8		%
GAAP combined ratio
GAAP combined ratio				100.7		%	94.9		%	103.9		%	103.2		%	89.9		%		96.7		%		99.2		%		98.1		%
Contribution from catastrophe losses				12.8			7.8			13.9			12.4			1.8				7.2				9.5				9.2
GAAP combined ratio excl. catastrophe losses				87.9		%	87.1		%	90.0		%	90.8		%	88.1		%		89.5		%		89.7		%		88.9		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies. Statutory ratios exclude the results of Cincinnati Global. Consolidated property casualty data includes the results of Cincinnati Re and Cincinnati Global.

CINF First-Quarter 2023 Supplemental Financial Data



Quarterly Property Casualty Data - Commercial Lines

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/23	9/30/23	6/30/23	3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23	6/30/22			9/30/23	9/30/22			12/31/23	12/31/22
Premiums
Agency renewal written premiums				$	1,041		$	908		$	860		$	934		$	970			$	1,904			$	2,764			$	3,672
Agency new business written premiums				134			130			149			165			156				321				470				600
Other written premiums				(34)			(31)			(25)			(27)			(30)				(57)				(82)				(113)
Net written premiums				$	1,141		$	1,007		$	984		$	1,072		$	1,096			$	2,168			$	3,152			$	4,159
Unearned premium change				(85)			33			44			(78)			(134)				(212)				(168)				(135)
Earned premiums				$	1,056		$	1,040		$	1,028		$	994		$	962			$	1,956			$	2,984			$	4,024
Year over year change %
Agency renewal written premiums				7		%	12		%	11		%	10		%	8		%		9		%		9		%		10		%
Agency new business written premiums				(14)			(4)			3			13			8				10				8				5
Other written premiums				(13)			(29)			—			(29)			(25)				(27)				(17)				(20)
Net written premiums				4			9			10			10			8				9				9				9
Paid losses and loss expenses
Losses paid				$	513		$	432		$	491		$	446		$	458			$	905			$	1,396			$	1,829
Loss expenses paid				97			97			93			91			100				191				285				382
Loss and loss expenses paid				$	610		$	529		$	584		$	537		$	558			$	1,096			$	1,681			$	2,211
Incurred losses and loss expenses
Loss and loss expense incurred				$	748		$	715		$	710		$	750		$	586			$	1,336			$	2,046			$	2,761
Loss and loss expenses paid as a % of incurred				81.6		%	74.0		%	82.3		%	71.6		%	95.2		%		82.0		%		82.2		%		80.1		%
Statutory combined ratio
Loss ratio				57.9		%	59.2		%	58.4		%	65.5		%	48.9		%		57.4		%		57.8		%		58.1		%
Loss adjustment expense ratio				12.9			9.6			10.7			9.9			12.0				10.9				10.8				10.5
Net underwriting expense ratio				27.7			31.3			31.2			29.1			28.3				28.7				29.5				29.9
Statutory combined ratio				98.5		%	100.1		%	100.3		%	104.5		%	89.2		%		97.0		%		98.1		%		98.5		%
Contribution from catastrophe losses				10.4			9.6			4.5			12.6			1.4				7.1				6.2				7.0
Statutory combined ratio excl. catastrophe losses				88.1		%	90.5		%	95.8		%	91.9		%	87.8		%		89.9		%		91.9		%		91.5		%
GAAP combined ratio
GAAP combined ratio				100.4		%	98.9		%	99.0		%	106.3		%	92.3		%		99.4		%		99.3		%		99.2		%
Contribution from catastrophe losses				10.4			9.6			4.5			12.6			1.4				7.1				6.2				7.0
GAAP combined ratio excl. catastrophe losses				90.0		%	89.3		%	94.5		%	93.7		%	90.9		%		92.3		%		93.1		%		92.2		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF First-Quarter 2023 Supplemental Financial Data



Quarterly Property Casualty Data - Personal Lines

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/23	9/30/23	6/30/23	3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23	6/30/22			9/30/23	9/30/22			12/31/23	12/31/22
Premiums
Agency renewal written premiums				$	388		$	393		$	437		$	438		$	333			$	771			$	1,208			$	1,601
Agency new business written premiums				79			75			81			88			52				140				221				296
Other written premiums				(19)			(23)			(16)			(16)			(11)				(27)				(43)				(66)
Net written premiums				$	448		$	445		$	502		$	510		$	374			$	884			$	1,386			$	1,831
Unearned premium change				16			(2)			(71)			(97)			28				(69)				(140)				(142)
Earned premiums				$	464		$	443		$	431		$	413		$	402			$	815			$	1,246			$	1,689
Year over year change %
Agency renewal written premiums				17		%	15		%	11		%	10		%	10		%		10		%		11		%		12		%
Agency new business written premiums				52			50			53			66			13				41				45				47
Other written premiums				(73)			(130)			(45)			(45)			(10)				(29)				(34)				(57)
Net written premiums				20			16			15			16			11				14				14				15
Paid losses and loss expenses
Losses paid				$	288		$	247		$	246		$	224		$	208			$	432			$	679			$	926
Loss expenses paid				40			39			35			32			40				71				106				145
Loss and loss expenses paid				$	328		$	286		$	281		$	256		$	248			$	503			$	785			$	1,071
Incurred losses and loss expenses
Loss and loss expense incurred				$	386		$	288		$	324		$	339		$	215			$	554			$	878			$	1,166
Loss and loss expenses paid as a % of incurred				85.0		%	99.3		%	86.7		%	75.5		%	115.3		%		90.8		%		89.4		%		91.9		%
Statutory combined ratio
Loss ratio				73.6		%	55.3		%	65.6		%	73.7		%	44.5		%		59.3		%		61.5		%		59.9		%
Loss adjustment expense ratio				9.6			9.7			9.6			8.4			9.0				8.7				9.0				9.2
Net underwriting expense ratio				30.0			30.6			26.7			26.4			32.2				28.8				28.0				28.6
Statutory combined ratio				113.2		%	95.6		%	101.9		%	108.5		%	85.7		%		96.8		%		98.5		%		97.7		%
Contribution from catastrophe losses				24.7			8.7			15.9			19.1			1.7				10.5				12.4				11.4
Statutory combined ratio excl. catastrophe losses				88.5		%	86.9		%	86.0		%	89.4		%	84.0		%		86.3		%		86.1		%		86.3		%
GAAP combined ratio
GAAP combined ratio				112.5		%	95.7		%	104.5		%	112.1		%	83.9		%		98.2		%		100.4		%		99.2		%
Contribution from catastrophe losses				24.7			8.7			15.9			19.1			1.7				10.5				12.4				11.4
GAAP combined ratio excl. catastrophe losses				87.8		%	87.0		%	88.6		%	93.0		%	82.2		%		87.7		%		88.0		%		87.8		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF First-Quarter 2023 Supplemental Financial Data



Quarterly Property Casualty Data - Excess & Surplus Lines

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/23	9/30/23	6/30/23	3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23	6/30/22			9/30/23	9/30/22			12/31/23	12/31/22
Premiums
Agency renewal written premiums				$	106		$	95		$	93		$	110		$	94			$	204			$	297			$	392
Agency new business written premiums				38			33			34			33			36				69				103				136
Other written premiums				(8)			(6)			(6)			(8)			(6)				(14)				(20)				(26)
Net written premiums				$	136		$	122		$	121		$	135		$	124			$	259			$	380			$	502
Unearned premium change				(9)			2			4			(11)			(12)				(23)				(19)				(17)
Earned premiums				$	127		$	124		$	125		$	124		$	112			$	236			$	361			$	485
Year over year change %
Agency renewal written premiums				13		%	9		%	22		%	31		%	24		%		28		%		26		%		21		%
Agency new business written premiums				6			22			6			(8)			24				6				6				10
Other written premiums				(33)			—			(50)			(60)			—				(27)				(33)				(24)
Net written premiums				10			13			16			17			25				21				19				18
Paid losses and loss expenses
Losses paid				$	28		$	22		$	29		$	27		$	19			$	46			$	74			$	95
Loss expenses paid				12			14			13			11			12				24				36				50
Loss and loss expenses paid				$	40		$	36		$	42		$	38		$	31			$	70			$	110			$	145
Incurred losses and loss expenses
Loss and loss expense incurred				$	81		$	89		$	86		$	74		$	66			$	140			$	226			$	315
Loss and loss expenses paid as a % of incurred				49.4		%	40.4		%	48.8		%	51.4		%	47.0		%		50.0		%		48.7		%		46.0		%
Statutory combined ratio
Loss ratio				44.3		%	50.5		%	51.9		%	41.5		%	43.0		%		42.2		%		45.6		%		46.8		%
Loss adjustment expense ratio				19.9			21.1			16.5			18.7			15.2				17.1				16.9				18.0
Net underwriting expense ratio				24.4			27.1			27.5			26.1			27.1				26.5				26.8				26.9
Statutory combined ratio				88.6		%	98.7		%	95.9		%	86.3		%	85.3		%		85.8		%		89.3		%		91.7		%
Contribution from catastrophe losses				1.2			1.4			(0.5)			1.1			1.1				1.1				0.6				0.8
Statutory combined ratio excl. catastrophe losses				87.4		%	97.3		%	96.4		%	85.2		%	84.2		%		84.7		%		88.7		%		90.9		%
GAAP combined ratio
GAAP combined ratio				89.9		%	96.3		%	93.9		%	85.1		%	85.9		%		85.5		%		88.4		%		90.4		%
Contribution from catastrophe losses				1.2			1.4			(0.5)			1.1			1.1				1.1				0.6				0.8
GAAP combined ratio excl. catastrophe losses				88.7		%	94.9		%	94.4		%	84.0		%	84.8		%		84.4		%		87.8		%		89.6		%
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF First-Quarter 2023 Supplemental Financial Data


Consolidated Cincinnati Insurance Companies
Statutory Statements of Income

	For the Three Months Ended March 31,
(Dollars in millions)		2023		2022		Change		% Change
Underwriting income
Net premiums written		$	1,955	$	1,848	$	107	6
Unearned premium change		158		262		(104)		(40)
Earned premiums		$	1,797	$	1,586	$	211	13

Losses incurred		$	1,086	$	767	$	319	42
Defense and cost containment expenses incurred		101		77		24		31
Adjusting and other expenses incurred		108		96		12		13
Other underwriting expenses incurred		536		529		7		1
Workers compensation dividend incurred		2		2		—		—
Total underwriting deductions		$	1,833	$	1,471	$	362	25

Net underwriting profit (loss)		$	(36)	$	115	$	(151)	nm

Investment income
Gross investment income earned		$	143	$	124	$	19	15
Net investment income earned		141		122		19		16
Net realized capital gains and losses, net		(26)		(1)		(25)		nm
Net investment gains (net of tax)		$	115	$	121	$	(6)	(5)

Other income		$	2	$	2	$	—	—

Net income before federal income taxes		$	81	$	238	$	(157)	(66)
Federal and foreign income taxes incurred		3		29		(26)		(90)
Net income (statutory)		$	78	$	209	$	(131)	(63)

Policyholders' surplus - statutory		$	6,443	$	6,627	$	(184)	(3)

Fixed maturities at amortized cost - statutory		$	9,131	$	8,313	$	818	10
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF First-Quarter 2023 Supplemental Financial Data


The Cincinnati Life Insurance Company
Statutory Statements of Income

	For the Three Months Ended March 31,
(Dollars in millions)		2023		2022		Change		% Change
Net premiums written		$	86	$	80	$	6	8
Net investment income		46		43		3		7

Commissions and expense allowances on reinsurance ceded		1		1		—		—
Income from fees associated with separate accounts		2		1		1		100
Total revenues		$	135	$	125	$	10	8

Death benefits and matured endowments		$	43	$	57	$	(14)	(25)
Annuity benefits		39		17		22		129

Surrender benefits and group conversions		7		6		1		17
Interest and adjustments on deposit-type contract funds		2		2		—		—
Increase in aggregate reserves for life and accident and health contracts		(9)		13		(22)		nm
Total benefit expenses		$	82	$	95	$	(13)	(14)

Commissions		$	12	$	13	$	(1)	(8)
General insurance expenses and taxes		12		13		(1)		(8)
Increase in loading on deferred and uncollected premiums		1		3		(2)		(67)
Net transfers from separate accounts		(2)		(10)		8		80

Total underwriting expenses		$	23	$	19	$	4	21

Federal and foreign income taxes incurred		7		3		4		133

Net gain from operations before capital gains and losses		$	23	$	8	$	15	188

Gains and losses net of capital gains tax, net		—		—		—		—

Net income (statutory)		$	23	$	8	$	15	188

Policyholders' surplus - statutory		$	345	$	275	$	70	25

Fixed maturities at amortized cost - statutory		$	3,855	$	3,711	$	144	4
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. nm - Not meaningful *Statutory data prepared in accordance with statutory accounting rules as defined by the National Association of Insurance Commissioners and filed with the appropriate regulatory bodies.

CINF First-Quarter 2023 Supplemental Financial Data



Quarterly Data - Other

(Dollars in millions)	Three months ended																		Six months ended				Nine months ended				Twelve months ended
	12/31/23	9/30/23	6/30/23	3/31/23			12/31/22			9/30/22			6/30/22			3/31/22			6/30/23	6/30/22			9/30/23	9/30/22			12/31/23	12/31/22








Cincinnati Re:
Net written premiums				$	230		$	67		$	86		$	178		$	254			$	432			$	518			$	585
Year over year change %- written premium				(9)		%	(7)		%	51		%	31		%	30		%		30		%		33		%		27		%
Earned premiums				$	150		$	137		$	151		$	122		$	110			$	232			$	383			$	520









Current accident year before catastrophe losses				45.2		%	44.4		%	45.4		%	49.6		%	50.6		%		50.0		%		48.3		%		47.2		%
Current accident year catastrophe losses				0.3			(5.2)			75.0			6.5			—				3.4				31.7				21.9
Prior accident years before catastrophe losses				6.0			6.9			(9.9)			(4.8)			10.9				2.6				(2.4)				0.1
Prior accident years catastrophe losses				1.7			0.7			(0.6)			1.1			5.2				3.1				1.6				1.4
Total loss and loss expense ratio				53.2		%	46.8		%	109.9		%	52.4		%	66.7		%		59.1		%		79.2		%		70.6		%







Cincinnati Global:
Net written premiums				$	64		$	53		$	57		$	69		$	51			$	120			$	177			$	230
Year over year change %- written premium				25		%	2		%	21		%	47		%	24		%		36		%		31		%		23		%
Earned premiums				$	44		$	56		$	74		$	44		$	32			$	76			$	150			$	206
Current accident year before catastrophe losses				35.3		%	28.6		%	45.6		%	53.2		%	38.3		%		47.0		%		46.3		%		41.4		%
Current accident year catastrophe losses				11.1			1.4			48.6			0.1			16.3				6.9				27.6				20.5
Prior accident years before catastrophe losses				0.8			(13.3)			4.6			(15.4)			4.1				(7.2)				(1.4)				(4.6)
Prior accident years catastrophe losses				2.4			11.6			(14.5)			(9.7)			(9.0)				(9.4)				(11.9)				(5.5)
Total loss and loss expense ratio				49.6		%	28.3		%	84.3		%	28.2		%	49.7		%		37.3		%		60.6		%		51.8		%

Noninsurance operations:
Interest and fees on loans and leases				$	2		$	2		$	2		$	2		$	1			$	3			$	5			$	7
Other revenue				1			1			—			1			1				2				2				3
Interest expense				14			13			14			13			13				26				40				53
Operating expenses				5			10			4			5			4				9				13				23
Total noninsurance operations loss				$	(16)		$	(20)		$	(16)		$	(15)		$	(15)			$	(30)			$	(46)			$	(66)

*Dollar amounts shown are in conformity with GAAP and rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on whole dollar amounts. The sum of quarterly amounts may not equal the full year as each is computed independently.
*Noninsurance operations include the noninvestment operations of the parent company and a noninsurance subsidiary, CFC Investment Company.

CINF First-Quarter 2023 Supplemental Financial Data